How Safe Is Coinmama?

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CoinMama

So, just how safe is Coinmama? Would you want to have her coin-sit your little ones? Are the fees acceptable? Are their better exchanges? Let’s find out!

What Is Coinmama?

Coinmama is an exchange platform that does not have its own wallet storage, as Coinbase does. You can buy and trade and sell, but not store. You will need your own separate wallet to deal with Coinmama.

Each exchange platform has its own markets. “Markets” is the term given to the cryptocurrencies supported by the exchange platform. Unless you are using a direct person-to-person platform, (more common for Bitcoin), you’ll need to find an exchange platform to buy or sell currency.

Coinmama has a dubious reputation. Some hail it as a magnificent exchange platform; others deride it as unfair and a possible scam. I find it hard to believe that such a long-lived and trusted platform could be a scam. It is clear, however, that many people disdain Coinmama.

Before jumping to any conclusions, let’s just remember that the people judging Coinmama are human, and we often make poor judgments, whether good or bad.

Who Uses Coinmama

Buy bitcoin and ethereum with credit card | Coinmama

Newbies

Newbies tend to go where they see a lot of traffic, assuming that the great amount of traffic equates to high quality. Sometimes this is the case.

Coinmama is very easy to use if you have a separate wallet set up, AND if you can pick someplace besides the United States as your country. I went with United States Outlying Islands.

The general setup and usage instructions are easy to follow and understand. All in all, it is a simple platform.

Casual Investors

Someone who is content with the cryptocurrencies offered by Coinmama and who doesn’t mind having a separate wallet will find Coinmama to be an easy and painless way to enhance their portfolio.

There are eight different coins to choose from.

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Cardano
  • Qtum
  • Ripple
  • Litecoin

Hardcore investors will want a larger selection with gentler fees, but these are great for people who are new or have limited interests in cryptocurrencies.

ADA and the Cardano platform - A Brief History | Coinmama

People Seeking A Specific Currency

I was already content with Coinbase, even though I had read that more savvy investors shun it for options that have easier fees. With Coinmama not being much better – if at all – why would I make an account with Coinmama?

I wanted Cardano. It’s not the easiest currency to find, and when I saw that it was available on Coinmama I made an account, even though I had to be a tad deceptive about my country.

How To Make An Account

Making an online account with any exchange or wallet tends to be a not-so-fun process. You get to take and upload photos of your ID and answer a slew of questions and write down a bunch of phrases for if you need to recover lost information, such as a password.

Why would an exchange want members to go through so much trouble when they don’t offer a wallet, anyway? If someone wants to pretend to be me and buy BTC to send to my wallet, why should I not be filled with joy?!

I suppose if a hacker has my wallet address and wants to trade my BTC for LTC, which he/she will then have sent to a different wallet, that could be done. Still, these transactions are traceable. But then, savvy hackers know how to move crypto quickly through a host of wallets.

Trust me, oh savvy ones, my share of the Bitcoin world is far beneath your notice. Even if I offered you my address, it wouldn’t be worth your time.

Coinmama Selfie - CoinZodiaC

The Steps

  1. Select your country.
  2. Enter your name, address, phone number, birth date, and gender in the form.
  3. Select your form of identification, e.g., state ID or driver’s license.
  4. Enter the information in the forms about your ID.
  5. Photograph the front and back of the ID and a selfie with you holding the ID and a sign that says Coinmama with the date.
  6. Upload all those pictures.
  7. Wait for approval.

Rejections usually occur if the website thinks one of the pictures is blurry. That’s a lot of trouble to go through for nothing, so make sure the pictures are clear.

How Safe Is Coinmama?

Coinmama is about as safe as any exchange. You go through a lot of trouble to prove that you’re you. They go through the login and proof of identity steps before you can conduct business.

No website is fully hacker-proof. Hackers hack for a variety of reasons. The fact that you’re poor, like me, won’t deter some hackers. If you’re rich, you’ll need to be extra cautious.

Indeed, Coinmama has been hacked before. So has Chase bank, the US government, Visa, etc.

Crypto Exchange Coinmama Hacked, 450,000 Users Details ...

Would I trust Coinmama with my personal information? Yes! Would I trust Coinmama if I were a billionaire? Probably not. I’d contact other billionaires and ask for their recommendations.

More answers can be found here. It’s best to check here for updates. They also have an affiliate program!

Interested in Coinmama? Check them out!

 

Won’t you give a quick shot? You aren’t selling your birthday, buying or selling without consent, or inviting anyone into your home.

Let us know your thoughts about Coinmama in the comments below!

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9 Thoughts to “How Safe Is Coinmama?”

  1. Feji ben

    Hello there,thanks for sharing your his awesom article about Coinmama I have been looking for articles like this because I only found out about it like a month ago I just want to be very sure about it before I start outand your article has really exposed the truth to me about Coinmama it is definitely not a scam site

  2. Dave Sweney

    I have been asked to research the CoinMama platform by friends. They have heard good and bad about it and want to know whether it is a reputable enough location for them to conduct business in the cryptocurrency trading they are involved in. Truthfully I did not know anything at all about CoinMama but agreed to do the checking for them and get back to them.

    After reading your review, I feel comfortable enough to tell them that it is a platform that they can use for their activities, it is as safe as many of the alternatives and the fees are in line with other similar platforms as well. The security is always a concern, but it seems there is an acceptable level with CoinMama…Great review and thanks, I will report back to my friends that this platform is okay to use. 

    1. Cattington

      I’m happy you found the article useful, Dave! 

  3. Paul

    I have recently come across CoinMama and you know very well there are a lot of exchange platforms that under-delivers and charge us a lot. So I was looking for an unbiased and thorough review. Your review saved my time.

    The details you shared on “who uses Coinmama” is very helpful and provided enough information in coming to my conclusion. The step by step walk-through you have provided in setting up the account with Coinmama is helpful.

    I do agree with you that no site is 100% hacker-proof. Coinmama is on my list.

    1. Cattington

      Thank you, Paul. Best wishes with your crypto!

  4. Fluffy Duck Studios

    Hi Cattington, interesting post. It seems just about every day now there is a new cryptocurrency trading platform or cryptocurrency itself, it’s hard to keep up. As a disruptive technology (blockchain) and exchange medium, I’m always interested to see what new structures and methodologies will be introduced to transact in the currency. I have to say I’m a little disappointed that so far the Coinmama platform is mimicking traditional exchanges such as the stockmarket. Therefore what I would like to know is, excluding the credit card fee, what is the commission charged on crypto purchases and sales? Surely Coinmama must be utilising some sort of buy-sell spread on the currencies to earn revenue over and above the credit card fee.

    1. Cattington

      Thank you for stopping by and commenting, Fluffy. I wish I could find one or even two platforms that would collectively cover all my needs. It would be much easier to keep track of things that way.

  5. Parveen

    Hey, I enjoy a lot while reading your article and find it very useful for everyone. Coinmama is an exchange platform that does not have its own wallet storage. 

    We will need our own separate wallet to deal with Coinmama. Newbies tend to go where they see a lot of traffic, assuming that the great amount of traffic equates to high quality. Sometimes this is the case.

    Your step by step guide is very helpful to know about coinmama. Thank you for sharing.

    1. Cattington

      Thank you for stopping by and commenting, Parveen. 🙂

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